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2.
Any act involving a penis penetrating a female whether it be in the vagina, mouth, ass, or whatever kind of fucked up places your penis penetrates. Penis time, generally refers to one night stands, but can be used any time when describing your magical night to your friends or while tweeting about it at work or school.
Dood, i totally jus made penis time with that bitch! :D
by Bill Pill September 26, 2009
 
1.
A date between the hand and penis
Hey Kids, it's Penis Time!
by Penis McGeenus January 08, 2009